Orrick has advised Energy Spectrum Capital and Caprock Midstream Management on the $950 million acquisition of Caprock Midstream Holdings by EagleClaw Midstream, a Blackstone portfolio company. The all-cash transaction is expected to close in 2018 and will be funded with equity and committed debt financing from Barclays.
The transaction has been structured so that the existing Caprock operating company, which will be renamed EagleClaw Midstream II, will be a sister-entity to the existing EagleClaw operating business (EagleClaw Midstream Ventures LLC) following the closing, under common ownership and management by the same corporate parent.
The Orrick team was led by partner David Ronn and included of counsel Diana Gillis and associate Ryan Giggs. Orrick has advised Caprock Midstream since 2016 from its first acquisition of gathering assets through its capital raise of preferred equity.